Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) has reported its financial results for the fourth quarter of fiscal 2024, which ended on August 2, 2024. In this period, the company saw a 6.9% increase in total revenue, reaching $894.4 million compared to the prior year's total revenue of $836.7 million. This increase includes a benefit of $62.8 million related to the 53rd week.
Comparable store restaurant sales increased by 0.4% over the prior year quarter, while comparable store retail sales decreased by 4.2%. GAAP earnings per diluted share were reported at $0.81, and adjusted earnings per diluted share were $0.98. GAAP net income for the fourth quarter was $18.1 million, representing 2.0% of total revenue, with adjusted EBITDA at $57.4 million, or 6.4% of total revenue.
Looking at the full fiscal year 2024, Cracker Barrel reported total revenue of $3.47 billion, an increase of 0.8% compared to fiscal 2023. Comparable store restaurant sales decreased by 0.1%, including total menu pricing increases of 4.9%, while comparable store retail sales decreased by 5.5% from the prior year.
GAAP net income for fiscal 2024 was $40.9 million, or 1.2% of total revenue, compared to the prior year's GAAP net income of $99.1 million, or 2.9% of total revenue. Adjusted net income for the fiscal year was $78.5 million, or 2.3% of total revenue, compared to the prior year's adjusted net income of $112.1 million, or 3.3% of total revenue. Adjusted EBITDA for fiscal 2024 was $211.6 million, or 6.1% of total revenue, compared to the prior year's $251.2 million, or 7.3% of total revenue. GAAP earnings per diluted share for fiscal 2024 were $1.83, compared to the prior year's $4.45, with adjusted earnings per diluted share at $3.52, a 30% decrease compared to prior year.
Looking ahead to fiscal 2025, the company has provided an outlook, including total revenue of $3.4 billion to $3.5 billion, 2 new Cracker Barrel stores and 3 to 4 new Maple Street Biscuit Company units, commodity inflation of 2% to 3% compared to the prior year, hourly wage inflation of 3% to 4% compared to the prior year, adjusted EBITDA of $200 million to $215 million, and capital expenditures of $160 million to $180 million.
The market has reacted to these announcements by moving the company's shares -2.3% to a price of $40.61. If you want to know more, read the company's complete 8-K report here.
